SPY: Could this be the DIP on SPY? Let's see.
• SPY is trying to react today, however, this reaction alone is not good enough;
• SPY is still in a Descending Channel, as evidenced by the purple lines above;
• Only if SPY breaks the upper trend line it’ll trigger a stronger reversal sign. As long as it doesn’t, or if it loses the lower trend line, it’ll just resume the bear trend;
• If SPY is about to react, now is the best time since June, as the index is reacting just above the support at $360 and the volume is as high as seen in nearly four months;
• The sentiment is still bearish, and there’s no bottom sign confirmed on SPY yet. For now, let’s focus on the Descending Channel in the 1h chart, as this pattern could trigger a reversal, if a breakout occurs.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
• SPY is still in a Descending Channel, as evidenced by the purple lines above;
• Only if SPY breaks the upper trend line it’ll trigger a stronger reversal sign. As long as it doesn’t, or if it loses the lower trend line, it’ll just resume the bear trend;
• If SPY is about to react, now is the best time since June, as the index is reacting just above the support at $360 and the volume is as high as seen in nearly four months;
• The sentiment is still bearish, and there’s no bottom sign confirmed on SPY yet. For now, let’s focus on the Descending Channel in the 1h chart, as this pattern could trigger a reversal, if a breakout occurs.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
⚠️ Want to take your trading to the next level?
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.